By David Henry
NEW YORK (Reuters) – JPMorgan Chase & Co Chief Executive Officer Jamie Dimon will not get a raise in his annual pay and will receive $31.5 million for his work in 2020, the bank said on Thursday.
Dimon’s total compensation will include the same annual base salary of $1.5 million and a performance-based incentive of $30 million, according to a regulatory filing.
The bank said directors based the pay decision on “the firm’s strong performance” last year during the coronavirus pandemic and over the long term across business results, risk controls and conduct; client, customer and stakeholder focus; and teamwork and leadership.
The rationale provided by the board was similar to that offered for Dimon’s compensation for 2019.
Under Dimon, who turns 65 in March, JPMorgan produced net income of $29.1 billion for 2020, down from $36.4 billion a year earlier, and a return on tangible common equity of 14%, down from 19%.
Profits at JPMorgan and other banks were hurt by massive expense provisions for expected loan losses due to the pandemic’s grip on the economy. Low interest rates fostered by the Federal Reserve to support the economy also reduced lending margins.
(Reporting by David Henry in New York; Editing by Chris Reese and Jonathan Oatis)
